Enovix (NASDAQ:ENVX) Announces Earnings Results

Enovix (NASDAQ:ENVX) posted its earnings results on Tuesday. The company reported ($0.17) EPS for the quarter, beating the consensus estimate of ($0.20) by $0.03, Briefing.com reports. The company had revenue of $4.30 million during the quarter, compared to analyst estimates of $4.11 million. Enovix had a negative return on equity of 96.23% and a negative net margin of 1,180.21%. During the same period in the prior year, the company earned ($0.27) earnings per share. Enovix updated its Q4 guidance to ($0.21)-($0.15) EPS and its Q4 2024 guidance to -0.210–0.150 EPS.

Enovix Price Performance

Shares of ENVX stock traded up $0.14 during mid-day trading on Friday, hitting $9.15. 4,739,153 shares of the stock traded hands, compared to its average volume of 5,619,907. Enovix has a twelve month low of $5.70 and a twelve month high of $18.68. The company has a debt-to-equity ratio of 0.97, a quick ratio of 3.84 and a current ratio of 3.98. The company’s 50-day simple moving average is $10.06 and its 200-day simple moving average is $11.05. The firm has a market cap of $1.61 billion, a price-to-earnings ratio of -5.84 and a beta of 1.98.

Analyst Ratings Changes

ENVX has been the topic of several analyst reports. Piper Sandler reaffirmed an “overweight” rating and issued a $19.00 target price (down from $23.00) on shares of Enovix in a research report on Monday, August 5th. Benchmark reiterated a “buy” rating and issued a $25.00 price objective on shares of Enovix in a research report on Wednesday. Canaccord Genuity Group boosted their target price on shares of Enovix from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. JPMorgan Chase & Co. cut their price target on Enovix from $18.00 to $15.00 and set an “overweight” rating on the stock in a report on Tuesday, October 22nd. Finally, Oppenheimer reissued an “outperform” rating and issued a $36.00 price objective on shares of Enovix in a report on Monday, August 26th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Enovix currently has a consensus rating of “Moderate Buy” and an average target price of $20.50.

Insider Activity

In related news, insider Arthi Chakravarthy sold 35,000 shares of Enovix stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $13.00, for a total transaction of $455,000.00. Following the transaction, the insider now directly owns 343,305 shares of the company’s stock, valued at $4,462,965. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 15.70% of the company’s stock.

Enovix Company Profile

Enovix Corporation designs, develops, and manufactures lithium-ion batteries. It serves wearables and IoT, smartphone, laptops and tablets, industrial and medical, and electric vehicles industries. The company was founded in 2007 and is headquartered in Fremont, California.